Music Streaming Company Spotify Reaches a Big New Milestone
Spotify now has 60 million paying subscribers, adding 10 million subscribers in less than five months, a spokeswoman for the music streaming company said on Monday.
The spokeswoman declined to comment on a report in the Financial Times that the Swedish company was eyeing a listing as soon as the fourth quarter, citing people familiar with the matter.
Spotify, which recently appointed financial advisers to explore a direct listing on the New York Stock Exchange, said in June that its operating loss widened in 2016 but revenue rose significantly.
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In March Spotify reported it had 50 million paying subscribers, a rise of 25% in less than six months, extending the music streaming service’s lead over its closest rival, Apple Music.
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Last week Reuters reported that Spotify was close to agreeing a new licensing pact with Warner Music, the last big music royalty deal it needs before pushing ahead with a U.S. stock market listing, four sources familiar with the situation said.